Main Subject - Business

You open your computer, the flashing button says, “We have a new update for your software program. Do you wish to update now or later?” You choose the Update Now button and immediately your computer begins to download a new version of the software pro

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

gram.

What is the program updating? It’s fixing broken parts of the software program; it’s adding new features. It does this quickly and easily. Right before your eyes you see the update taking place. You click a button and you have the newest soft

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ware update.

Computer software and hardware companies have learned that “updating” is a necessary tool in today’s computer world. Without updates, users would drift towards other vendors who have the latest features and best programs.

What about your

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

own business? When was the last time you updated your business operations? In our fast paced, every changing business climate, your either update or customers will drift to your competitors.

Your business needs are no different than computer softwar

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

e companies. You need to make fixes to your business operations. You need to add new features and benefits of your business and market these new features to your customers.

Here is a short and exercise you can use to “update” your business operations.

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

Look at these four areas in your business.

1. Your Market

Over the course of doing business, has your market message remained the same? Does it still reflect the heart of your business? How would you change it to reflect more precisely what is rea

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

lly happening in your business? Are there parts of your marketing efforts that need to be dropped because they are no longer useful? If your message has changed, should you be looking at different advertising mediums for your business?

I watched a fl

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

or covering business change its marketing message over a number of years. At first it offered itself as the company with the cheapest prices. As the business evolved, they realized that creating a great customer shopping experiences was more important

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

than being the lowest price.

Once they realized their market had shifted, they made changes in their advertising. They made changes in their vendors. They made changes in their staffing. By asking a series of simple questions, they were able to upda

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

te their business operations.

2. Your Customers

This business aspect is closely related to your marketing issues. Over a period of time, you can begin working with different customers. At first, the change happens gradually. Then one day, you reali

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ze your customers are different from your original business.

How do the new customers compare to your original customers? What customers need to be dropped so you can concentrate on new customers? Where is the best place to reach and contact these ne

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

w customers? What other effects does this new customer population have on your business?

3. Your Buyer’s Shopping Experience

If your customers and market have changed, how do these changes affect your customer’s buying experience? Customers today ha

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ve many buying options. Does the presence of chain stores affect your operations? Do internet buying options affect your business operations?

Customers today are looking for specific types of shopping experiences. Some want to buy simple and fast.

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

Others want to make purchases slow and leisurely. What changes could you make in your customer’s shopping experience that would set you apart form your competitors?

Think of the difference in getting your oil changed at a Jiffy Lube business with plas

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ic chairs and left over coffee. Compare this to getting the same oil changed at a Lexus dealer with a plush waiting room and high speed internet access.

4. Your Customer Follow Up Activities

Having customers buy more from you and buying more often is

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

triggered by the relationships you establish with them and your follow up efforts. Once upon a time, sending postcards was enough. Today, the option of email notices, electronic newsletters and other fast, quick and inexpensive communication options

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

change customer follow up’s.

Have you looked at your follow up activities to see if you can update these functions to make them faster, easier and more efficient for both you and the customer? Today’s customers expect you to use contemporary forms of

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

communications. Are you taking advantage of these forms?

Conclusion

These are several key areas you can use to update your business operations. Just as your software is updated on a regular basis, you need to make the fixes and enhancements to your

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

business on a regular basis. The next time you see the question on your computer, “Do you want to update now?” remind yourself to update your business operations.

If you want to learn more about how you can use niche building strategies to increase you

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

r profits, email me at al@hanzal.com. For more articles on small business issues click www.innovativesellingskillsforsmallbusiness.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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